(MENAFN- The Peninsula) The Peninsula
Doha: Umnia Bank, a joint venture between Qatar International Islamic Bank (QIIB), Credit Immobilier et Hotelier (CIH) and the Moroccan Depository and Management Fund, has achieved significant expansion and has now grown into 35 branches across various cities and regions in the Kingdom of Morocco, Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani, Umnia Bank's Chairman, who is also the Chairman of the Board of Directors and Managing Director at QIIB, said during the bank's board meeting which he also chaired recently.
During the event, which was attended by the Vice Chairman of the Board Lotfi Al Saqat, and other board members, participants discussed the bank's results for the first half of 2020 as well as the bank's business strategy for the coming period.
Speaking during the meeting, Sheikh Khalid expressed his satisfaction with the results of Umnia Bank during the past period, as the bank was able to abridge many stages and achieve an optimistic expansion with some 35 branches to date across various cities and regions of the Kingdom of Morocco.
This expansion undoubtedly reflects the great demand for the bank's services and the opportunities inherent in the Moroccan market for Islamic banking services.
He also pointed out that the bank's services and products witnessed a steady growth, and added: 'We noticed a remarkable demand for real estate financing, vehicle financing, credit cards and banking services through alternative channels among other products. Customers' confidence in the bank increased its total assets to about 3.6 billion Moroccan dirhams, and we hope that such momentum will persist so as to strengthen the bank's position as the first bank licensed to practice Islamic banking in the Moroccan market.
Sheikh Khalid thanked the bank's customers in the Moroccan market for their confidence in Umnia Bank, and stressed that their satisfaction will always be the compass that will guide the bank in its endeavors. He also urged the bank's executive management to constantly respond to customers' aspirations and market needs, in a way that would strengthen the bank's financial position, contribute to development and achieve the desired results.
He called on Umnia Bank to benefit from the experiences of Islamic banks in the State of Qatar and their success on the international scene, noting that the experience of QIIB will undoubtedly enrich and enhance the business prospects of Umnia Bank and provide it with the expertise it currently needs in order to achieve more success.
Finally, Sheikh Khalid also expressed his confidence that Umnia Bank will continue to achieve positive results during the period ahead, despite the circumstances and challenges facing the Moroccan market during this period and the global markets in general.
He called upon all employees of the bank to double their efforts in order to overcome this period while sustaining all previous achievements. It may be noted that Umnia Bank began operating in the Moroccan market in July 2017 after obtaining its final license in March 2017. Umnia Bank is the fruit of a partnership between Qatar's QIIB, CIH, and the Moroccan Depository and Management Fund, with QIIB holding 40 percent of the bank's capital.
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